Common use of Financing Spread Clause in Contracts

Financing Spread. The "Current Financing Spread" shall be specified on each Adjustment Date by the Calculation Agent in its reasonable discretion in a range between zero and the Maximum Financing Spread. For this purpose, factors such as the level of interest rates, changes in market expectations relating to interest rates and margin considerations may be taken into account. n: number of calendar days between the current Adjustment Date (exclusive) and the next Adjustment Date (inclusive). divf: tax factor for any dividend payment. The tax factor shall fall within a range between zero and one, and shall be determined by the Calculation Agent in its reasonable discretion (sections 315, 317 BGB). For this purpose, the Calculation Agent may take into account amounts that it considers appropriate in order to reflect taxes, levies, deductions, retentions or other fees. div: Dividends (or other distributions) of constituents of the Underlying (if the Underlying is a price return index) between the current Adjustment Date (exclusive) and the next Adjustment Date (inclusive). If the Underlying consists of more than 100 constituents, the Calculation Agent shall have the right, in its reasonable discretion (sections 315, 317 BGB) to use a correspondingly smoothed div factor for the purposes of the adjustment on each Adjustment Date. The result of the calculation shall be rounded upwards to the nearest multiple of the rounding of the Strike. The rounding of the Strike shall be 0.0001.

Financing Spread. The "Current Financing Spread" shall be specified on each Adjustment Date by the Calculation Agent in its reasonable discretion in a range between zero and the Maximum Financing Spread. For this purpose, factors such as the level of interest rates, changes in market expectations relating to interest rates and margin considerations may be taken into account. n: number of calendar days between the current Adjustment Date (exclusive) and the next Adjustment Date (inclusive). divf: tax factor for any dividend payment. The tax factor shall fall within a range between zero and one, and shall be determined by the Calculation Agent in its reasonable discretion (sections 315, 317 BGB). For this purpose, the Calculation Agent may take into account amounts that it considers appropriate in order to reflect taxes, levies, deductions, retentions or other fees. div: Dividends (or other distributions) of constituents of the Underlying (if the Underlying is a price return index) between the current Adjustment Date (exclusive) and the next Adjustment Date (inclusive). If the Underlying consists of more than 100 constituents, the Calculation Agent shall have the right, in its reasonable discretion (sections 315, 317 BGB) to use a correspondingly smoothed div factor for the purposes of the adjustment on each Adjustment Date. The result of the calculation shall be rounded upwards to the nearest multiple of the rounding of the Strike. The rounding of the Strike shall be 0.00010.01.

Financing Spread. The "Current Financing Spread" shall be specified on each Adjustment Date by the Calculation Agent in its reasonable discretion in a range between zero and the Maximum Financing Spread. For this purpose, factors such as the level of interest rates, changes in market expectations relating to interest rates and margin considerations may be taken into account. n: number of calendar days between the current Adjustment Date (exclusive) and the next Adjustment Date (inclusive). divf: tax factor for any dividend payment. The tax factor shall fall within a range between zero and one, and shall be determined by the Calculation Agent in its reasonable discretion (sections 315, 317 BGB). For this purpose, the Calculation Agent may take into account amounts that it considers appropriate in order to reflect taxes, levies, deductions, retentions or other fees. div: Dividends (or other distributions) of constituents of the Underlying (if the Underlying is a price return index) between the current Adjustment Date (exclusive) and the next Adjustment Date (inclusive). If the Underlying consists of more than 100 constituents, the Calculation Agent shall have the right, in its reasonable discretion (sections 315, 317 BGB) to use a correspondingly smoothed div factor for the purposes of the adjustment on each Adjustment Date. The result of the calculation shall be rounded upwards downwards to the nearest multiple of the rounding of the Strike. The rounding of the Strike shall be 0.0001.